Evergy (EVRG) Q1 2026 earnings summary

Executive summary

• Q1 2026 adjusted EPS was $0.69, up from $0.55 in Q1 2025, driven by regulated investment recovery, demand growth, and large customer revenues, partially offset by mild weather and higher O&M and depreciation.

• Signed a fifth large customer electric service agreement and amended two existing ESAs, expanding the large customer strategy and boosting 2026 margins and long-term growth.

• Announced a new ESA with a major data center developer in Kansas Central, with service beginning in 2027 under a premium rate tariff.

• Reaffirmed 2026 adjusted EPS guidance of $4.14–$4.34 and long-term EPS growth target of 6%-8%+ through 2030, with growth expected to exceed 8% annually from 2028.

• Declared a quarterly dividend of $0.6950 per share, payable June 18, 2026.

Financial highlights

• Q1 2026 adjusted earnings: $162 million ($0.69/share) vs. $128 million ($0.55/share) in Q1 2025; GAAP net income was $151.5 million, up from $125.0 million.

• Weather-normalized demand grew 4.7% year-over-year; residential up 3.3%-3.8%, commercial up 3.3%-3.8%, industrial up 10.1%.

• Utility gross margin rose by $51.3M, driven by new rates and energy marketing, partially offset by unfavorable weather.

• Recovery of regulated investments contributed $0.15 EPS; higher O&M and depreciation reduced EPS by $0.10.

• Other items, including COLI proceeds and power marketing, added $0.09 EPS.

Outlook and guidance

• Reaffirmed 2026 adjusted EPS guidance of $4.14–$4.34, with a midpoint of $4.24.

• Long-term adjusted EPS growth target of 6%-8% annually, with growth expected to exceed 8% from 2028 through 2030.

• Retail load growth CAGR forecasted at 7%-8% through 2030, up from prior 6%.

• Capital investment plan for 2026–2030 is $21.6 billion, with projected rate base CAGR at ~12%.

• Expect to execute at least one more ESA in 2026, further supporting growth.